Quote:
Originally Posted by heifetz17
Usually what happens is the insurance company will close a claim, not settle it. A settled claim will usually have no further payments or supplements. Claims can be auto-closed by inactivity, and are reopened during the repair process for supplements and additional damage. The vast majority of my clients accept their insurance checks and in turn pay that amount toward their repairs, and insurance pays me the remainder. It doesn't complicate the process at all if the insured or claimant accepts and deposits the original check, unless they elect not to have the repairs done at all, in which case, as you said, the claim will settle and there will be no further payments.
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In practice the insurer likes to keep customers happy by being flexible and lenient on this aspect, but the letter of the code is pretty clean cut.
E.g. in CA, as shown in previously attached link, once a notice is sent, the insurer can issue a check from 15-90 days of the notice. \
Once that check is cashed, the case is settled(i.e. insurer is released from the claim) per accordance and satisfaction code..
That notice is often sent once the claim is filed, and then after 15 days, the insurer can zelle payment to your account and satisfy their obligation in full.